Pakistan Foreign Exchange Reserves to get $1 billion booster
ISLAMABAD - Pakistan Foreign Exchange Reserves to get $1 billion booster from the Asian Development Bank (ADB).
ADB on Friday approved $1 billion in immediate budget support to Pakistan to “shore up the country’s public finances and help strengthen a slowing economy”.
According to a press release link issued by ADB, the quick dispersing loan is part of a comprehensive multi-donor economic reform programme led by the International Monetary Fund (IMF) to stabilize Pakistan’s economy after a major deterioration in its fiscal and financial position in mid-2018 caused growth to slump and threatened progress in alleviating poverty.
ADB’s financing was approved after the government implemented a series of IMF-supported reforms and actions to improve its current account deficit, strengthen its revenue base, and protect the poor against the social impact of the economic crisis.
“ADB is committed to providing wide-ranging support to strengthen Pakistan’s economy and reduce the risk of external economic shocks,” said ADB Director General for Central and West Asia Werner Liepach.
“These funds will meet the government’s emergency financing needs to prevent significant adverse social and economic impacts and lay the foundations for a return to balanced growth.”